The French car manufacturer, Renault, experienced a better-than-expected revenue performance in the third quarter of the year, as demand for new models soared, leading to increased sales.
French automotive group Renault released its third quarter results on Thursday, recording a jump in revenue, bucking the trend of the weakness currently seen in the auto industry across Europe.
The company reported a group revenue of €10.7bn for the third quarter of the year, which was an increase of 1.8% from the same period last year. Auto revenue for Q3 2024 came up to €9.3bn, down -0.5% compared to the same period last year.
For the first nine months of the year, group revenue was €37.7bn, which was a rise of 0.8% from Q3 2024. Auto revenue for the first nine months of 2024 came up €33.7bn, which was a -1.5% decrease from the same period last year.
This was largely because of sales being boosted by increasing demand for the company’s new vehicle range with models which included the Symbioz, Scenic E-tech electric, Duster and Rafale.
The Renault brand was the third most popular in Europe, in the first nine months of the year, while also being the most popular in France. It was also the top light commercial vehicle (LCV) brand in Europe. Sandero was the top best-selling vehicle across all European channels.
Renault launches slew of new models in 2024
Thierry Piéton, the chief financial officer (CFO) of Renault Group, said: “Our Q3 revenue is starting to benefit from our unprecedented product offensive, with 10 new launches this year, representing 18% of our invoices over the quarter.
“This trend will continue over the next quarters in line with the gradual introduction of vehicles on their respective markets and will accelerate further with the 7 new launches planned for 2025.
“This appealing and competitive line-up, with both electric and ICE & hybrid vehicles, demonstrates our flexibility to adapt whatever the pace of EV transition and remains a key support for the Group’s performance together with cost reduction.
“In this challenging environment, we are accelerating our in-depth transformation with committed teams, to improve our agility and build our next chapter“.
Renault Group also reiterated its financial outlook for the year, expecting a group operating margin of 7.5% or higher, as well as a free cash flow of €2.5bn or more.
